Santanomics: The economics of the festive season

Santanomics: The
economics of the festive
season
December 2014
Contents
Slide 3
-
Introduction
Slide 4
-
Executive summary
Slide 5
-
Christmas spending in 2013
Slide 8
-
Trends in Christmas spending
Slide 14
-
Appendices
Santanomics: The economics of the festive season
PwC
December 2014
2
Introduction
?
During the Christmas period, consumers in many countries increase their spending as they
purchase presents, decorations, food etc. for the festive period. This increase in spending makes
this a ¡®make or break¡¯ time for retailers and their supply chain. Therefore businesses need to be
aware of how consumer spending will change over this period.
?
To this end, we have attempted to calculate spending over the Christmas period by looking at the
excess spending that occurs in November and December over and above the average of the other
months of the year.
?
We have estimated spending over the Christmas period, both in per person and aggregate terms, in
the major Western economies, Brazil and Russia, and the peripheral Eurozone economies that we
monitor (see the appendices at the back for a more detailed description of our methodology and the
sources of the data we used).
?
It should be noted that our results give a broad indication of cross-country trends in Christmas
spending but should not be taken as precise dollar estimates.
?
The following slides set out our results and show how countries have moved in the rankings over
time, as well as how Christmas spending has recovered from the financial crisis.
Santanomics: The economics of the festive season
PwC
December 2014
3
Executive summary
1.
2.
3.
4.
Ireland tops the rankings of Christmas
spending per person, with shoppers
spending around $1,200 during the holiday
season;
GDP weighted Christmas spending per person
in the Eurozone periphery fell by
around 28% overall between 2007-13
(see chart), as the crisis hit these economies
particularly hard.
In terms of aggregate Christmas
spending, Brazil and Russia make the
Top 10 despite spending relatively little per
person (see chart); and
The US remains the largest Christmas
market in the world, spending more than
$240 billion during the holidays.
Santanomics: The economics of the festive season
PwC
Real Christmas spending per person is lower in
Brazil and Russia than in advanced economies
1000
GDP weighted Christmas spending per
person (constant 2013 US$)
We have analysed real spending over the
Christmas period across 12 countries. Our results
show that:
800
600
400
200
0
Major Western
economies
2007
Eurozone
periphery
Brazil and
Russia
2013
Sources: PwC analysis, Datastream, national statistical agencies, World Bank
Notes: Major Western economies ¨C G7 excluding Japan
Eurozone periphery ¨C Greece, Portugal, Ireland & Spain
December 2014
4
Christmas spending in 2013
Santanomics: The economics of the festive season
PwC
December 2014
5
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